Financial Times

Soon - First Islamic Bank in Sri Lanka


The Amana Group was recently given a Letter of Provisional Approval by the Central Bank (CB) to establish a licensed commercial bank named Amana Bank Ltd, and is taking steps to set up the ‘first truly’ Islamic commercial bank in the country, the group said in a press statement.

It said upon achieving certain conditions listed in the Letter of Provisional Approval such as the raising of a minimum capital requirement of Rs. 2.5 billion, Amana Bank expects to receive a banking licence from the CB that will enable it to begin commercial banking operations.

The group said Amana Bank plans to use its position as the first Islamic bank in the country to attract Sharia-compliant investment flows from the Middle East and the Far East. Subject to Malaysian and Sri Lankan regulatory clearances, Amana Bank hopes to utilize the technical expertise and specialized Islamic banking know-how of Bank Islam Malaysia Berhad (BIMB), which currently holds a 10% stake in AIL, to design and deliver a new range of Islamic banking services, which includes current accounts, foreign exchange transactions, inward and outward remittances, export financing, guarantees, performance bonds, bid bonds, Corporate Treasury placements, private banking, wealth management, long term housing finance, infrastructure financing, agricultural finance, and leasing.

The statement said Amana Bank also plans to actively participate in the government’s ‘Re-awakening of the East’ programme by expanding its branch network in the Eastern Province beyond the currently existing five and offering appropriate Islamic banking solutions to facilitate the resurgence of the Eastern Province’s infrastructure and economy.

The Amana Group has established itself as the pioneer in providing Islamic financial services, from merchant banking to insurance, to Muslims and non-Muslims alike. Incorporated in 1997, Amana Investments Limited (AIL), being the investment and financing arm of the Group, offers a range of Sharia-compliant financial solutions to its customers.

Top to the page  |  E-mail  |  views[1]
Other Financial Times Articles
> Sri Lanka urged to find new export markets
> Extended April holidays for some workers
> F&G payment plan rejected, investor attempts to commit suicide
> Zero duty for Lankan goods in Pakistan
> Galleon sells JKH stock
> Rs 500 mln loan for Mihin
> CB calls for Seylan EOIs
> SMS alert from Passport office
> No end to Lanka's woes
> Regional imbalances are a normal process of development – World Bank
> Consolidation might be option for The Finance
> Asiri Surgical Hospital completes Stage II Expansion
> Benefits of cleaner production for hotels
> Asian Paints launches special effects paints
> Singer says confident of meeting re-finance needs
> Sinhaputhra Savings link up with ATMs
> Toss Lanka finds Norwegian partner from CCC match-making
> Hirdaramani green factory aims for Gold
> Banners to bags – cleaning up the system
> Good governance recommendations for primary dealers
> FM Derana launch today
> Lalith Peiris bids adieu to a 43-yr career with George Steuarts
> World Telecom Forum to be held in Sri Lanka
> Lankan tea exporters invited for Hong Kong Tea Fair
> New certification unit steps in to ensure safer food in Colombo
> Soon - First Islamic Bank in Sri Lanka
> Tourist arrivals’ statistics misleading
> ACCA emphasizes greater sustainability reporting
> Restructuring The Finance Company in three months
> SMLL divestiture will see Seylan Merchant high on liquidity
> HNB wins award for Best Retail Bank in Sri Lanka, 2008
> Golden Key repayment plan suspended
> IMF revamps lending and conditionality framework
> Increasing wages costly to plantation sector
> New lease of life for Atta Flour
> Neither GK nor the depositors are innocent
> Central Finance continues steady growth
> JWT duo bring international fame to Sri Lanka
> First two lucky winners drawn in Abans twenty-20 win win promotion
> Laws to govern not only golden and silver companies but also bronze companies
> SMS alert for passport collection


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution